HomeMy WebLinkAbout0957 C. Assignment of Rents and I.eases. Together with all
rent~i issues, profits, revenue, income and other benefits from
the property described in paragraph A to be applied to the indeb-
tedness secured hereby; provided however, that permission is
hereby given to Mortgagor, so long as no default has occurred
hereunder, to collect, receive and use such benefit from the pro-
perty as they become due and payable, but not in advance thereof;
~L~_~ ,i~ ~:wlo ~n~ in~nracf nf Mnrtnan~r in and
Lvyct:t~t irt~u cti i iyt:~~ L~~_~. ~ - -
to any and all leases now or hereafter on or affectina the pro-
perty described herein as the Mortgaged Property. The foregoing
assignment shall not be deemed to impose up~n Mortgagee any of
the obligations or duties of Mortgagor provided in any such
lease.
D. Other. Everything referred to in paragraphs A, B and C ~I,
hereof and additional property hereafter acquired by Mortgagor
and subject to the lien of this Mortgage or any of these proper-
ties is herein referred to as the "Mortgaged Property."
This Mortgage is a self-operative secvrity agreement
with res~ect to such ~ersonal propert_y, but Mortgagor agrees to
execute and deliver on demand such other security agreements,
financing .statements and other instrumen~s as Mortgagee may, at
any time hereafter, request in order to perfect its security
interest or to impose the lien hereof more specifically upon any
such property. Mortgagee shall have all the rights and remedies,
in addition to those specified herein, of a secured party u~der
the Uniform Commercial Code. -
PROVIDED ALWAYS however, that if Mortgagor shall pay to
Mortgagee the Note at the times and in the manners stipulated .
therein and in all other instruments securing the Note, including
renewals, extensions or modifications thereof, and shall keep and
perform all covenants in this Mortgage and in all other instru-
ments securing the Note, to be kept, performed or observed by
Mortgagor, ~hen this Mortgage shall cease and be void, but shall
otherwise remain in full force and effect.
' The Mortgagor covenants and agrees with Ffortgagee as
C follows:
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; 1. Compliance With Note and Mortgage; Warranty of Title.
~ Mortgagor shall comply with all the provisions of the Note, this
€ Mortgage, and of every other instrument securing the Note, and
` will promptly pay to Mortgagee the principal with interest there-
on and all other sums required to be paid by Mortgagor under the
3 Note and pursuant to the provisions of this Mortgage and of every
€ other instrument securing the Note.
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Mortgagor warrants that Mortyagor is indefeasibly seized
~ of the Mortgaged Property in fee simpl~ and Mortgagor has lawful
~ authority to convey, mortgage, and encumber the same as provided
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~ by the Mortgage.
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2. Pa~ent of TaxeS ~nd Liens. Mortgagor shall pay all
- the taxes, assessments, levies, liabilities, obligations and
~ encumbrances of every nat~~re now on the Mortgaged Property or
fi~ that hereafter may ~e imposed, levied or assessed upon this Mork-
~
gage or the Mortgaged Property or upon the indebtedness secured
hereby. AlI such payments shall be made when due and payable
according to the law before they become delinquent and before
any interest attaches or any penalty is incurred. Mortgagor
shall furnish evidence of such payment to the Mortgage~. Insofar
as any indebtedness is of record, the same shall be promptly
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